Business Start Up

Is It Difficult to Be a Major Owner of a Thriving Gaming Business?

If you’ve ever dreamt of being a major casino owner, you may not know all there is to begin this task.

You won’t become a billionaire overnight and not every entrepreneur who decides to open their own casino will become the next Steve Wynn. To operate and own a major casino is easier said than done.

You’ll have many trials to overcome both financially and emotionally while satisfying both the casino customers and the market.

Keeping Customers Happy

There are many casinos operating today and while all of them offer the usual games of slots, blackjack, and poker, there are other casino aspects to keep in mind.

How do you retain customer loyalty so that gamblers choose your casino rather than your competitors? That is not an easy thing to answer.

Will you build the perfect rewards program? Offer free drinks while gamblers play? How about throwing in free comps? There’s a lot of research that goes into understanding what gamblers are looking for in a successful casino.

Not to mention you have to be careful what you offer your players. Throwing in free perks for players to return to your casino can also cause you to lose profit.

You’ll need to strategize and come up with a well-balanced business plan that will help you meet both customer satisfaction, as well as the casino market.

Costly Operations

When you walk into any casino, nine times out of ten you’re greeted by endless rows of slot machine games.

Now, picture this: the cost of slot machines can range anywhere from $18,000 – $20,000. Once you factor that into your vision of how many slot machines you see in a single casino floor, it really puts things into perspective.

Keep in mind, these are the prices for slot machines alone. A successful casino offers a variety of different games to keep all types of gamblers satisfied.

It doesn’t end there, the initial cost of slot machines is only the beginning. As a casino owner, you need to plan on future maintenance on each one of your operating games and they’re not easy to fix.

Abiding by Gaming Laws & Adapting to Change

As a casino owner, you’ll need to be flexible through change and with that, comes a lot of frustration at times.

You can have the perfect business plan, but a new law or regulation can be passed and affect what you had planned. Instead of resisting, you’ll need to be flexible and restructure your business ideas.

Unfortunately, not everyone approves of gambling, so these laws are constantly being challenged in some form.

Take this for example: only recently did Indiana legalize sports betting. This took a while to happen, with Indiana being a strict gambling state.

So, when debating on where to build and operate your casino, you need to make sure you’re always in compliance with gaming regulations pertaining to not only your state but potential national regulations as well.

Standing Out From the Competition

Setting yourself apart from both online and land-based casinos is a tough achievement for all casino owners.

Adding to what we’ve touched on previously, you need to have a balanced plan to keep the market and customers happy, and profit in your pocket.

Besides the games, rewards, and possible free drinks you can give out, one thing some casino owners tend to forget is that not all people who visit casinos are there to gamble.

Think about it.

Some people don’t like to go to a casino alone so they come with a group of people.

This doesn’t mean they’re all happy about having to spend money on a slot machine, so you have to get those people to spend in different ways. Even the ones who do play need a place to take a gambling break.

So what will you offer as a casino owner? Some casinos have restaurants, bowling alleys, gift shops, and more.

Essentially as an owner, you should be viewing anyone who walks onto your casino floor as a potential customer. How you achieve that is up to you.

Can You Beat Online Casinos?

This question is important and should not be taken lightly. More people are turning to online casinos and this market has been proven to be a top competitor.

As a potential casino owner, you should be looking toward online casinos to understand this aggressive market. With these fast payout online casinos, players can choose the same games, earn loyalty points, comps, and play with real money the same way they would at a regular casino.

So why would players waste gambling time driving down to a brick and mortar casino when they can just do it from the convenience of their home?

While this is a great alternative for gamblers, this only hurts land-based casino owners.

Given these points, you can now see that becoming a major casino owner would not be an easy task. It can happen, but there’s a lot of work involved and if you’re still serious about starting up your own casino, you need to start now.